Nifty Bulls In Control
India’s benchmark Nifty closed at 10915 today, which is above the previous weekly high of 10833 approx. Last week market had formed a Dragonfly Doji, thus today’s positive close will tilt the scales in favor of the bulls. Today, market opened 56 points gap up at 10897 as border tensions between India and Pakistan has cooled down. Going forward, Monday’s range low will be a crucial support for the buyers. Nifty is likely to scale up to 10950 approx if the range low is not broken.
What To Expect Next Week
Nifty opened 56 points gap up this morning as India- Pakistan border tensions eased out. The index successfully held on to the gap up advantage throughout the day and scaled up to the 10929 approx. Today’s closing displays a strong presence of buyers as it has surpassed the intraday upside target of 10910. More importantly, Nifty has also closed above the previous weekly high of 10833 approx. Going forward, the market is likely to scale up to 10950 approx, if Nifty takes the support of Monday’s range low. On the other hand, if the market trades below the range low, it might scale down to 10796 approx.
Observations In The Hourly Timeframe
In the hourly session, Spot Nifty has closed around 10863 approx. The index is likely to find support around Monday’s hourly range low. The nearest upside target for Nifty is around 10891 approx. On the other hand, if Nifty trades below Monday’s hourly range low, it might scale down to 10780 approx.
Bank Nifty Options Data